CJI Misra calls for harmonisation of commercial laws across borders

31 Mar 201805:35am IST

31 Mar 201805:35am IST

Report byTeam Herald

PANJIM: Chief Justice of India Dipak Misra on Friday said that courts throughout the world can no longer be in oblivion to the economic globalisation which calls for harmonisation of commercial laws across borders.

PANJIM: Chief Justice of India Dipak Misra on Friday said that courts throughout the world can no longer be in oblivion to the economic globalisation which calls for harmonisation of commercial laws across borders.

He also went to say that there is a need to gradually harmonise the international commercial law for which we need a starting point, harmonisation of the processes for resolving commercial disputes.

“There has to be perspective harmony of rules for recognition and enforcement of judgements/awards. This requires development of strong connections and collaborations amongst commercial quotes. The time for international commercial harmony has come and there is no stopping,” said Misra through his written speech which was read by Additional Solicitor General of India (ASG) Atmaram Nadkarni at the inaugural session of all India seminars on international commercial law

He said, “Although the subject of international commercial law has been widely debated, nevertheless, there have been important changes in the position of commercial law not just in the field of international arbitration are seen as a welcome step by the global business community.”

Misra through his written speech also informed that the inception of the international arbitration centre at Mumbai is a shining example which manifests that our country is giving due regard to international commercial activities.

“Today, cross-border flow of services and technology require a new type of facilitator from the legal perspective with the global economy creating an inter-dependent and borderless world, the law governing international commercial transactions has gained tremendous importance.” he added

The speech further reads that outsourcing and off shoring are the new preferred modes for several multi-national companies due to economics of cost, amongst several other reasons.

Misra said, “Changing configurations of the global economy require the State institutions throughout the world to keep pace with new developments in the international commercial activities.”

Meanwhile, Justice Misra informed that inter-governmental organisations like UNCITRAL have done their bit for harmonizing the international trade law as far as they could. Now, it is for the institutions of the State to take over and be the facilitator for paving a smooth path for international commerce.